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II . LHAP HOUSING STRATEGIES : Chapter 67-37.005 (5) , F.A.C. Local Housing Assistance Program Strategies The strategies available for use in the IRCLHAProgram shall serve to effectively reduce the cost of housing in two ways. The first is by awarding grants to eligible recipients, whereby a portion of the initial cost encountered in acquiring or providing housing may be eliminated entirely or deferred. The second method of reducing the cost of housing is by the provision of deferred payment loans. Such loans result in reduced costs indefinitely until a time when the eligible recipients may then be able to afford the costs. By utilizing assistance strategies, the IRCLHAProgram will encourage the provision of affordable housing. A total of seven (7) assistance strategies are available for use by the Indian River County Local Housing Assistance Program (IRCLHAProgram) in providing assistance to eligible persons or sponsors. A. Impact Fee/Capacity Charges Grant a. Summary of the Strategy: To assist eligible persons with the cost of impact fees and/or water and sewer capacity charges for owner occupied housing units anywhere in Indian River County. b. Fiscal Years Covered: FY 2006-2007, FY 2007-2008, FY 2008-2009 c. Income Categories to be served: • Very Low -Income Persons (between 31-50% of median income) • d. Maximum award: Low -Income Persons (between 51-80% of median income) only when impact fee/capacity charge grant is a match for another state or federal housing program such as CDBG. The County provides grants for the actual amount of impact fees and capacity charges, not to exceed $20,000 per unit for the cost of impact fees and/or capacity charges. e. Terms, Recapture, Default: The applicant must execute a grant agreement with the county indicating that the applicant will comply with the county's Local Housing Assistance Plan's requirements. There will be no interest rate for impact fee/capacity charge grants. Grant Period: 10 Years for owner occupied units 50 Years for renter occupied units as match of other State and Federal Grants. The repayment of funds awarded as an impact fee/capacity charges grant is not required, except in cases whereby the eligible housing unit is sold to non -eligible persons or occupied by someone other than the original grant recipient prior to termination of the unit's affordable classification timeframe, or refinanced with a cash out prior to termination of the affordability timeframe. In these cases repayment of the entire original grant amount is required. Recaptured funds will be deposited in the.county's affordable housing trust fund. 4